Product variety and information for consumers are gains from
A) perfect competition.
B) monopolistic competition.
C) monopoly.
D) oligopoly.
B
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Answer the following statement(s) true (T) or false (F)
1. In the principal-agent problem, assigning full liability to the agent gives no incentive for the principal to avoid damages. 2. Transaction costs arise when property rights are nonexistent. 3. If all parties can enter into negotiations, social optimum is achieved with or without a Pigou tax. 4. A free-rider problem occurs when people can share in the benefits of an activity without being forced to contribute to its costs. 5. Court decision involving torts are irrelevant to social welfare.
Which of the following is true of investment spending in the U.S. economy?
a. Investment spending in 2009 was higher than in 2006. b. Investment spending was almost double of household spending. c. Businesses had reduced expenditures on capital goods in 2008 and 2009. d. Investment spending exhibited a more or less steady increase between 1959 and 2009. e. Investment spending fluctuated relatively less than consumption.
The main shortcoming of the market, in the view of many,
a. lies in the arena of justice and injustice. b. lies in the area of consumer goods production. c. is its inability to stimulate the creation of new products. d. is its drag on growth in productivity.
The quantity of savings that people are willing to supply will depend on:
A. the amount they have left over after consumption. B. their age, since people tend to stop saving once they retire. C. their disposable income. D. the price they will receive.